Part I – Brief example/ discussion of the current corporate tax system as a basis to compare the Tax Reform Proposals. This would include the concepts of a) tax rules applicable to a US corporation vs a foreign corporation/subsidiary; b) what does “effective tax rate” mean; c) the historical trend away from corporations to pass-throughs. (We only need this last item if we want to touch upon why there are proposals for special business rates for individuals.)

Part II – Discuss the proposals for a lower corporate tax rate and the major “offsets”. (We could even compare the “offsets” with the current list of tax expenditures to see where the offsets came from.)

Part III – Discuss the proposals for a “territorial system” applicable to dividends from foreign subsidiaries. This would focus on “deferral” vs “exemption” and probably some discussion of global competition.